$SOL Price Outlook: Why is $210 a Tough Barrier for Bulls?
Looking back at Solana's market performance, it's quite impressive. Not only has it broken through the previous range highs, but the trading volume and momentum have also been strong. Over the past six months, Solana's price has fluctuated between $122 and $187, but now it has finally broken out. In the long run, the target for this coin is $290, and it previously peaked at $259.96.
In the past week, Solana's performance has outperformed both Ethereum and Bitcoin. Although it may pull back to $184 in the coming days, the overall trend remains upward.
Some say that Solana's price may rise another 21%. The breakout combined with high trading volume is a strong bullish signal. Funds are flowing into the SOL market, which is certainly a good thing for Solana.
Based on the Fibonacci sequence, Solana's next upward targets could be $241 and $291. While the market is quite optimistic, a significant pullback is not out of the question. However, Solana seems ready for a long-term rise.
For more than a month, the buying momentum has been strong. Therefore, everyone believes that Solana can continue to rise. However, the peak of $210 in 2024 might be a roadblock.
So, can Solana easily break through $210? Based on the liquidation situation in the past month, the range of $202 to $225 could be troublesome for buyers and might even lead to a short-term trend reversal.
So, if Solana's price falls back to the $180-$190 range, that would be a good buying opportunity.
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